PAK KUWAIT TAKAFUL. PROFILE

Pak-Kuwait Takaful Company Limited (PKTCL) is a multinational joint venture partnership between Pakistan, Kuwait, Malaysia,Saudi Arabia and Sri Lanka. With an initial paid up capital of Rs. 250 million and an authorized capital of Rs. 500 million, along with the financial strength and backing of our equity partners, Pak Kuwait Takaful Company Limited is well-poised to launch Takaful operations in an environment of trust and reliability.

The Takaful way of insurance in Pakistan is greatly needed and much awaited as a significant segment of the population desire Shariah-compliance in all their financial dealings. A parallel can be drawn from the immense success of Islamic Banking in Pakistan. It has received such an overwhelming response that even foreign banks operating locally have opened ‘Islamic Window operations’ in order not to be left behind. Not only is the competitive rating and the prospect of surplus sharing inherent in the Takaful concept attractive, but a large section of the population that rightly considers conventional insurance as ‘un-Islamic’ and engage in it only when absolutely necessary, e.g. to comply with statutory or banks’ requirement for taking loans, opening L/Cs etc., will feel inclined to take Takaful - islamic insurance for peace of mind as well as conscience.

Islamic banks currently offering Ijarah and Musharaka/ Mudarabah/ Murabahah products will essentially require Takaful coverage in order to keep all aspects of the transactions/ products truly Islamic. Regrettably, the Islamic banking sector has, up until now, had to resort to the conventional insurance market in the absence of any Takaful company operating in the local market.

PKTCL, emerging in this backdrop, is well positioned to assist all such individuals and organizations. Equipped with the repute and financial standing of its local and foreign sponsors, and with “very strong” (Standard & Poor’s; A.M.Best) Retakaful arrangements firmly in place, our clients may rest assured that we have the strength and ability to pay their claims.

Operated by a team of highly qualified and experienced professionals, and supervised by a distinguished Shariah Supervisory Board of international repute (Chaired by Justice (Retd.) Taqi Usmani), PKTCL will be adopting a proactive approach to quickly fill the gap and introduce Shariah-compliant Takaful products for the benefit of all Muslims living in Pakistan.